Hitting a $1 billion run rate suggests privately owned Lyft has increased market share in some US cities, despite competition from Uber, a larger and better-financed ride-hailing app. Lyft's net revenue was estimated at $130m in 2014, according to company financial documents cited by Bloomberg.

"It demonstrates what a large business opportunity this is," said John Zimmer, Lyft co-founder and president (right). "The market that we are playing in is ... a $2.25 trillion transportation industry."